Broadstone Net Lease, Inc. $BNL Shares Bought by Modern Wealth Management LLC

Modern Wealth Management LLC increased its position in shares of Broadstone Net Lease, Inc. (NYSE:BNL) by 19.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 113,416 shares of the company’s stock after purchasing an additional 18,522 shares during the period. Modern Wealth Management LLC’s holdings in Broadstone Net Lease were worth $1,933,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Broadstone Net Lease by 1.0% during the first quarter. Vanguard Group Inc. now owns 27,711,994 shares of the company’s stock worth $472,212,000 after purchasing an additional 266,900 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Broadstone Net Lease by 1.1% during the first quarter. Alliancebernstein L.P. now owns 4,666,417 shares of the company’s stock worth $79,516,000 after purchasing an additional 51,754 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Broadstone Net Lease by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,145,709 shares of the company’s stock worth $53,603,000 after purchasing an additional 68,196 shares in the last quarter. Nuveen LLC purchased a new position in Broadstone Net Lease during the first quarter worth about $28,127,000. Finally, Allianz Asset Management GmbH raised its holdings in Broadstone Net Lease by 87.3% during the first quarter. Allianz Asset Management GmbH now owns 1,288,892 shares of the company’s stock worth $21,963,000 after purchasing an additional 600,633 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Broadstone Net Lease Stock Performance

Shares of NYSE BNL opened at $18.79 on Friday. The firm has a market cap of $3.55 billion, a P/E ratio of 36.13 and a beta of 1.01. Broadstone Net Lease, Inc. has a 1 year low of $13.96 and a 1 year high of $19.15. The firm’s 50 day moving average price is $17.03 and its 200 day moving average price is $16.51.

Broadstone Net Lease Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 6.2%. Broadstone Net Lease’s dividend payout ratio (DPR) is currently 223.08%.

Wall Street Analyst Weigh In

BNL has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Broadstone Net Lease in a report on Monday, June 2nd. KeyCorp raised shares of Broadstone Net Lease from a “sector weight” rating to an “overweight” rating and set a $20.00 target price for the company in a report on Tuesday, August 19th. The Goldman Sachs Group raised shares of Broadstone Net Lease from a “sell” rating to a “buy” rating and set a $21.00 target price for the company in a report on Thursday, August 21st. Wolfe Research raised shares of Broadstone Net Lease from a “peer perform” rating to an “outperform” rating and set a $19.00 target price for the company in a report on Monday, July 28th. Finally, UBS Group increased their target price on shares of Broadstone Net Lease from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.43.

Broadstone Net Lease Profile

Broadstone Net Lease, Inc (the Corporation) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (REIT) commencing with the taxable year ended December 31, 2008. Broadstone Net Lease, LLC (the Corporation’s operating company, or the OP), is the entity through which the Corporation conducts its business and owns (either directly or through subsidiaries) all of the Corporation’s properties.